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20121116
20121116
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CSPAN2 3
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CSPAN
Nov 16, 2012 12:00pm EST
ground among the economists where we are going to end at the end of the date. thank you for joining us very much, and thank you all. we appreciate peterson foundation allowed me to participate and i know that pete has a conversation to wrap things up. >> as i contemplated how to close i remember the nobel prize winner of the university of chicago where i was presumably educated. if you have no alternative you have no problem. so i thought about the alternative of delivering the letter delivered to dramatically of course. thank you very much. i deeply appreciate quality of the panel but also the quality of the audience. so thank you and goodbye. [applause] >> president obama met at the white house with key congressional leaders including house speaker john boehner, house democratic leader nancy pelosi, senate majority leader harry reid and a republican mitch mcconnell. the first meeting since the election. they discussed what to do about expiring busheir tax reductions and across-the-board spending cuts set to hit in january called the fiscal cliff. they allowed cameras in the room befo
CSPAN
Nov 16, 2012 5:00pm EST
leaders and don't forget the leaders haven't helped us at all. in any effect really coming and in any effective way they are there and listen to us and they tell their position that they really haven't been out there. but what is disturbing to me is maybe the democrats could gain if we do go off the cliff and then republicans maybe we could gain and go over the cliff i think that is disastrous to even think in those terms and like erskin said, but in your country. i am not quite won over by it all come and a couple years ago you were the ones that said we are going to go over the cliff and i said no i think they will go over the cliff. erskin holds out for another 30% chance. >> i just think we can't be stupid enough to do it. we can resolve this problem now and by making some very tough but doable compromises. if we go over this question and we don't make a deal immediately thereafter here's what will happen and i think that is about a one-third probability that we are going to go over the cliff and nothing is going to happen. what will happen is that you will see movies and fitch do
CSPAN
Nov 16, 2012 9:00am EST
that they had in years when they reached the limits the market would take. i think the real lesson for us here is to fundamentals. >> just to wrap this up a little bit, i wanted to do to play god for a moment. >> playing? >> well, perhaps you're already at that state. we've outlined today's challenges short-term, long-term and so forth. if the president were to call you into the oval office and say, okay, all things considered, what should i do? what would you have him do? >> i'd like paul to answer that one first. >> obviously going to make a deal in the short run, because what to do about this untenable situation of the sequester and the tax increases for everybody. so that got to work on a short-term deal, and then hard work on a pretty fundamental look at the tax system, and more or less at the same time you've got to look at certainly social security. certainly you've got to look at medicare, and what can you do that is convincing in terms of the other expenditures over a period of time. i think that's a very tough thing, but these are a consensus on the broad level of spending that we're
Search Results 0 to 2 of about 3